The NSE Nifty is at 4,482, down 19 points, and the Sensex is at 15,11 down 78 points.
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(Updated at 1419hrs)
Steel stocks are leading the recovery. Jindal Steel has surged over 3.5% to Rs 2,758. Tata Steel has gained 2.3% to Rs 391, and SAIL has added 1.8% to Rs 169.
Maruti has rallied nearly 3% to Rs 1,244. Idea Cellular has advanced over 2% to Rs 75.
Ranbaxy, Larsen & Toubro and Reliance Infrastructure are the other prominent gainers.
On the other hand, TCS has plunged nearly 4% to Rs 481. GAIL India has shed 3.5% at Rs 327.
Mahindra & Mahindra has dropped nearly 3% to Rs 798. Suzlon and BHEL have slipped around 2.5% each to Rs 92 and Rs 2,224.
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ITC, ACC, Sterlite, Tata Communications and NTPC are also down around 2% each.
Meanwhile, the BSE index, the Sensex is now down 100 points at 15,091.
The market breadth is almost neutral, with 1,293 declining stocks as against 1,249 advancing stocks.